In a country where buying large amounts of crypto from offshore markets is prohibited, VALR South African based crypto exchange is one lucky firm after getting $1.5 million in seed money to facilitate its development. With VALR having funds in order, the next step is to provide crypto services to the millions of crypto enthusiasts in Africa looking for a reliable and dependable platform to trade.
With the platform already gone live on March 1st, traders can now enjoy making transactions in over 50 digital coins made available through Bittrex coming in as a major investor in VALR. Furthermore, apart from just providing finances, Bittrex will be actively involved in VALR operations. Bittrex will come in handy at providing VALR with access to the global liquidity pie and enabling it to offer competitive prices to trades. While VALR is pushing its platform to its target audience Bittrex, on the other hand, is making plans to enable the platform to launch fiat trading features come summer this year.
Platform Launch was Received Well by South Africans
Even before VALR had launched its services to the public on the 1st of March, the platform already had 1,500 traders eagerly waiting for its launch. The latter traders had already registered their accounts successful during beta testing with most of them being residents in South African. With the platform already onboarding users in South Africa, soon it will be the leading exchange in South Africa alongside other exchanges like Luno. Besides that, according to Farzam Ehsani, several African countries peg their local fiat currency to Rand, this gives VALR an opportunity to hack the crypto market in South Africa and further extend to neighboring countries with ease. Farzam Ehsani is the CEO and co-founder of VALR.
While players present in the crypto sector in South Africa are looking to expand their services, the government, on the other hand, is working to amend laws in place or draft new regulations for the sector. South Africa doesn’t have a clear legal framework in place for the crypto sector. However, lawmakers have committed themselves to start working on the said rules starting in January 2019. With local crypto exchange the likes VALR getting funds for developing their platforms will be a wakeup call to the government.